For each of the following situations, answer these questions:
A. Which force is involved (Supply or Demand) AND did it Increase or Decrease?
B. Which specific impact is involved?
C. How would the Price and Quantity sold be effected?
American consumers buy most goods in packages. Recently, the cost of plastics has been reduced with the cost of oil. What impact would exist upon the market for paper packaging materials? A. S or D_____B.______ C. Price______ Quantity_____
John F. Long develops a new and better method of building quality homes. Other builders again copy his methods. What impact would exist on the new home market? A. S or D_____B.______ C. Price______ Quantity_____
Copper deposits around the world have diminished. What impact will this have on the copper market?
A. S or D_____B.______ C. Price______ Quantity_____
Aging Americans become convinced that age is a state of mind and, therefore, began to dress like younger people. What impact would exist upon the younger styles of clothing?
A. S or D_____B.______ C. Price______ Quantity_____
3 answers